Mortgages

[Archers]

Just put my visa app in. Can anyone tell me what the current interest rates are and what sort of salary multipes are used in OZ.cheers stuart

[duncan-clan]

hi ya im in the process of get a mortage....not sure what the rate is but i think its about 4% base rate and it might come down again soon...when buying your first time home here you get goverment grant which is $18,000 (must be resident or perm migrant) or if you build you get $25,000 most of this money gets swallowed up by the stamp duty on buying home to get this all applications must be sign to buy before june 30th not sure if the grant stops or the money goes lower.

im using a company called bernie lewis, they look at all the best current deals in the market, give you an idea im putting most of my money down as deposit as i want to have a little mortage..ive said i have $100,000 to put down with $700 week take home and they said i could go up to $350,000 its not much but theres only one wage coming in when i have found out more stuff i will post it

alex

[Andrew Williams]

Hey Stuart

RBA rate is currently 3.25%, lenders variable rates are generally between 5.5% - 6%, however most are doing package accounts or discounts which can bring this down to low 5%'s going to low 4%'s.

In terms of borrowing power, the amount you can borrow is determined by your ability to service the loan. So liabilities, how many in the household etc will all have an impact.

However with the rates going down this then increases borrowing power as the servicing ability increases. Clearly it makes sense to allow for future rate rises when taking on the debt though.


Andy